Monday, Nov. 19, 2012
WASHINGTON (AP) -- U.S. sales of previously occupied homes rose solidly in October, helped by improvement in the job market and cheap mortgages.
The National Association of Realtors says sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million. That's up from 4.69 million in September, which was revised lower.
The sales pace is roughly 11 percent higher than a year ago. But it remains below the more than 5.5 million that economists consider consistent with a healthy market.
Superstorm Sandy delayed some sales in the Northeast, the Realtors' group said. Sales fell 1.7 percent, the only region to show a decline. Most of the drop was due to the storm, but those sales will likely be completed in future months, the group said.
(Copyright 2012, The Associated Press)